HB2044 Summary

• Establishes the "Manufacturing Incubators Act" creating a loan, loan guarantee, and grant program administered by the Department of Economic Development to support manufacturing incubators that provide workspace, tools, mentoring, and training services to small manufacturing businesses.

• Requires local sponsors applying for state funding to demonstrate program viability, ability to provide manufacturing development services, market demand, management capacity, and compliance with local economic development plans; prioritizes geographic distribution of incubators across the state.

• Limits state loans, guarantees, and grants to 50% of total eligible project costs; funds may be used for facility acquisition, renovation, construction, equipment, and manufacturing development services.

• Creates a special "Missouri Manufacturing Incubators Fund" in the state treasury to hold appropriations and donations; requires annual reporting to the governor and legislature on incubator metrics including applications, jobs created, occupancy rates, and post-incubator business survival.

• Establishes a tax credit allowing taxpayers to claim 50% of contributions to the fund or approved local sponsors against state income tax liability, capped at $500,000 annually, with credits transferable at no less than 75% of par value and usable for up to five years.